00:00What if I told you one number can decide whether you get approved or rejected for credit cards, loans, or even apartments in the United States?
00:17That number is your credit score, a top T. And most Americans don't fully understand it.
00:24Welcome to U.S. Credit Explained.
00:33Welcome to U.S. Credit Explained.
00:35We're breaking down the American credit system in simple, easy-to-understand language.
00:41Let's start with the basics.
00:43Section 1. What is a credit score?
00:47A credit score is a three-digit number that shows how trustworthy you are as a borrower.
00:56In the United States, lenders use this number to decide.
01:01Should we approve this person?
01:04What interest rate should we charge?
01:07How risky is this borrower?
01:10Most credit scores in the U.S. fall between 300 and 850.
01:21Here's what those numbers mean.
01:22300 to 579 is poor.
01:25580 to 669 is fair.
01:29A FICO score between 670 and 739 is considered good.
01:35Good.
01:36Good.
01:37800.
01:388HOT50.
01:39Excellent.
01:40The higher your score, the better financial opportunities you get.
01:48Your credit score affects more than just loans.
01:53Your credit score affects more than just loans.
01:57In America, it can impact.
02:00From instant credit card approvals to competitive auto and home loans, we make financing simple.
02:09Understanding current interest rates is key, especially when comparing them to the costs of renting apartments in today's market.
02:16Today's market.
02:17A good credit score can save you thousands of dollars over time.
02:21In this section, we cover what affects your credit score.
02:24Your credit score.
02:25Credit card approvals, auto and home loans, interest rates, renting apartments, and insurance costs.
02:32Costs.
02:33A good credit score can save you thousands of dollars over time.
02:37Section 4.
02:38What affects your credit score?
02:40Your credit score is based on your credit behavior, including paying bills on time and how much credit you use.
02:47Section 4 covers how long you've had credit and any new credit applications.
02:57We'll break each of these down in future videos.
03:02One big myth is that checking your own credit score lowers it.
03:10That's false.
03:11Checking your own score does not hurt your credit.
03:17The Boshira DuBourts shortest person picker.
03:23Now that you understand what a credit score is or is, our next videos will show you how to build, fix, and protect your credit in the USA.
03:35If this video helped you, like it, subscribe to US Credit Explained, and turn on notifications so you don't miss the next lesson.
04:05We'll see you next time.
04:06We'll see you next time.
04:07Bye.
04:08Bye.
04:09Bye.
04:10Bye.
04:11Bye.
04:12Bye.
04:13Bye.
04:14Bye.
04:15Bye.
Comments